YouTube has been in the red since day 1. Now Google wants their payback. OK. Seems fair.
It's not fair, it's literally illegal under antitrust law. The DOJ has been accused of "taking a nap" and not enforcing those laws for 20 years... but they're awake now. Which is probably part of why Google is suddenly changing course. They're involved in a few antitrust investigations as it is and don't want any more.
You can't run a company at a loss leader until nearly all your competition is dead and then start charging more than customers are willing to pay (or showing more ads than customers are willing to watch).
I'm happy to pay for video content - but I won't pay the prices YouTube is charging and their ads are even worse.